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S&P’s today are testing both resistance and support on the daily’s

Jul 22

Written by: dpavlatos
7/22/2009 7:18 AM

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The S&P’s have had 7 up days in row and are short term overbought. Yesterday we tested a major resistance

trendline and could have now a possible top. On the other hand we have held the uptrend support today at 943. If

we violate either levels we could continue on in that direction. Crude is lower and should pullback. Crude may force

oil stocks lower and that can tip the market down. Below 943 the next major support is 928 in the S&P’s.

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About Damon
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Damon Pavlatos’s 25 years of multi-faceted industry experience includes the following: Since 1978 he has held Exchange Memberships on the CME, CBOT and Mid America Exchange. He has traded Futures and Options for 20 years specializing in Index Futures.

From 1981 to 2000, Damon managed the CME Index and Floor operations for Shearson American Express, L.I.T. America, Gerald Inc. and Rand Financials. During his many years in the industry Damon has supplied Technical Market Analysis for various Index Funds, Institutions, and Exchange Members and has been featured at Tradeshows, Futures Seminars and in various trading books.

In 2000 Damon became a Principal Partner of FuturePath Trading LLC® and PhotonTrader.

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